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Monday, 19 September 2022

Global Ventures’ fintech fund reaches USD 105 mn second close

Nclude hits USD 105 mn second close: Local and international investors have committed around USD 20 mn to Global Ventures’ Nclude’s second funding round, bringing the fintech-focused VC fund’s total capital to some USD 105 mn, a source close to the matter told Enterprise. The source declined to name the contributing investors at this time.

About Nclude: Dubai-based Global Ventures partnered with state-owned banks and firms to reach a first close of USD 85 mn on the Nclude fund in March. Banque Misr is acting as an anchor investor, while NBE and Banque du Caire are on board as strategic investors, and e-Finance’s parent company e-Finance Investment Group also paid in to the initial raise. Nclude targets early- and growth-stage fintech startups based in Egypt, as well as regional firms looking to expand here. It has already invested in local startups including Khazna, Paymob, Lucky, and Mozare3.

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